{"id":3835,"date":"2024-03-12T10:01:31","date_gmt":"2024-03-12T08:01:31","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=3835"},"modified":"2024-03-12T10:01:31","modified_gmt":"2024-03-12T08:01:31","slug":"bitcoin-hits-record-above-71000-as-demand-frenzy-intensifies","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=3835","title":{"rendered":"Bitcoin hits record above $71,000 as demand frenzy intensifies"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/bitcoin-hits-record-above-71000-as-demand-frenzy-intensifies.png\" class=\"ff-og-image-inserted\"><strong>Bitcoin hit a record high on Monday above $71,000, as the surge in the biggest cryptocurrency showed no signs of slowing down.<\/strong><\/p>\n<p>Britain\u2019s financial watchdog on Monday became the latest regulator to pave the way for digital asset trading products after saying on Monday it will now permit recognised investment exchanges to launch crypto-backed exchange-traded notes.Bitcoin rose by as much as 4.8 per cent to a record $71,677 in European trading, bringing gains for the year so far to 70 per cent.The world\u2019s most valuable cryptocurrency has been boosted by a flood of cash into new spot bitcoin exchange-traded funds as well as hopes that the Federal Reserve will soon cut interest rates.Flows of capital into the 10 largest U.S. spot bitcoin exchange-traded funds slowed to a two-week low in the week to March 8, but still reached almost $2 billion, according to LSEG data.\u201c<strong>Bitcoin has started the week with a surge, dragging the rest of the cryptocurrency space higher with it,<\/strong>\u201d DailyFX strategist Nick Cawley said.<strong>Supply of bitcoin, which is limited to 21 million tokens, is going to get tighter in April, when the so-called halving event takes place.<\/strong><strong>Every four years, the rate at which new supply is released into circulation, as well as the reward for crypto miners, is halved, which tends to support the price.<\/strong>\u201cNews also out earlier that the LSE plans to accept applications for bitcoin and ethereum ETNs in Q2 may have also helped today\u2019s push higher,\u201d Cawley said.The UK regulator said these products would be only available for professional investors such as investment firms and credit institutions authorised to operate in financial markets, the Financial Conduct Authority (FCA) said in a statement.The FCA warned crypto exchange traded notes (ETNs) \u2013 bonds issued by financial institutions that track the performance of underlying assets \u2013 pose harm to retail investors.Nonetheless, demand is picking up across the investment community.Asset managers now hold the biggest bullish position in bitcoin futures on record, according to weekly data from the U.S. Commodity Futures Trading Commission.In the week to March 5, the net long position held by asset managers \u2013 usually interpreted as covering holdings of institutional investors such as mutual funds and pension funds \u2013 rose to 15,531 lots, worth $5.5 billion based on the current bitcoin price.This is more valuable than the long position asset managers hold in sterling, worth $2.78 billion or the bearish position they hold in the Japanese yen against the dollar, worth $1.49 billion, according to LSEG data.Ether rose 2.1 per cent to nudge $4,000, around its highest for two years. Speculation that U.S. regulators may approve the listing of spot ether ETFs this year has driven the price up 75 per cent this year.Follow the<br \/>\nCyprus Mail  on Google News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8211; Bitcoin reached a record high above ,000 on Monday.<br \/>\n&#8211; Britain&#8217;s financial watchdog will now allow recognized investment exchanges to launch crypto-backed exchange-traded notes.<br \/>\n&#8211; Bitcoin&#8217;s price rose by as much as 4.8 percent to ,677 in European trading, with gains for the year at 70 percent.<br \/>\n&#8211; The surge in Bitcoin&#8217;s value is attributed to an influx of cash into new spot bitcoin exchange-traded funds and expectations of a Federal Reserve interest rate cut.<br \/>\n&#8211; Capital flows into the 10 largest U.S. spot bitcoin exchange-traded funds reached almost  billion in the week to March 8.<br \/>\n&#8211; The supply of Bitcoin, limited to 21 million tokens, is expected to get tighter in April due to the halving event, which occurs every four years and reduces the rate of new supply and the reward for miners.<br \/>\n&#8211; The UK regulator stated that crypto exchange-traded notes (ETNs) would be available only for professional investors.<br \/>\n&#8211; Asset managers hold the largest bullish position in bitcoin futures on record, with a net long position worth .5 billion.<br \/>\n&#8211; Ether&#8217;s price rose 2.1 percent to around ,000, driven by speculation of U.S. approval for spot ether ETFs, with a 75 percent increase in price this year.<\/p>\n","protected":false},"author":3,"featured_media":3836,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[77,195,80,1470,3,259,260,1202,52,250,899,374,1401,1471,34,375,720,335,1123,1358,494,18],"class_list":["post-3835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-bitcoin","tag-britain","tag-crypto","tag-cryptocurrency","tag-cyprus","tag-digital-asset","tag-dollar","tag-ethereum","tag-federal-reserve","tag-google","tag-interest","tag-interest-rate","tag-interest-rates","tag-investment-exchanges","tag-markets","tag-rate-cut","tag-rest","tag-space","tag-sterling","tag-support","tag-uk","tag-world"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bitcoin hits record above $71,000 as demand frenzy intensifies<\/title>\n<meta name=\"description\" content=\"Bitcoin. 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